Michael McGrath (Cork South Central, Fianna Fail)
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179. To ask the Minister for Finance his plans for the sale of a stake in a bank (details supplied); if he expects the environment to improve in the next 12 to 18 months to facilitate a sale of the bank; and if he will make a statement on the matter. [36097/16]

Michael Noonan (Limerick City, Fine Gael)
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The State's shareholding in AIB is a valuable asset and it is the Government's intention that the State will exit this and our other banking investments in a measured and careful manner. My primary objective in the disposal of these assets will be to maximise the return for the State.

I have indicated in the past that an IPO is likely to be the optimal route to recouping value from our investment in AIB. It is now clear that we are looking at 2017 at the earliest for any disposal and my Department has now commenced a procurement process for Global Coordinators as part of a banking syndicate to be appointed early in the new year to assist in a potential future IPO of AIB.

It is clearly too early to predict what market conditions may be for bank shares in the next 12 to 18 months, however, it is our intention to maintain optionality and to continue careful monitoring of bank equity valuations and prospects in order to be in a position to proceed with a transaction if appropriate over that period. The appointment of Global Coordinators is a critical step in order to create  that optionality.